Home Affordability by Generation in Georgia
Thursday, March 10th, 2022
With home prices soaring, homeownership seems to slip further and further away these days, and the struggle increasingly overpowers all generations.
We wanted to see what the maximum affordable home price for each generation is based on their net worth and income. Comparing their affordable house prices with the local median prices, we found which generation has it worse.
Here are some highlights that might interest you for some of the largest counties in Georgia:
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Fulton County with the highest median home price in the area, $433,540, is out of reach for Baby Boomers, who can afford no more than $342,896, while Gen Z buyers have it the worst: they can only afford $186,234. On the other hand, Millennials and Gen Xers, can comfortably afford the median home here with $443,943, and $596,279 as the maximum affordable property price;
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Cobb County has a median home price set at $411,175, making the county especially unaffordable for Gen Z buyers and Baby Boomers, who can afford $214,279, and $399,827 respectively. Given they can afford a maximum amount of $432,294, Millennial buyers can afford the median home here along with Gen Xers who exceed the median by $110,980;
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Dekalb County, despite having a more reasonable median of $389,250, is still unaffordable for three of the generations. It is only the Gen Xers who can afford the median home due to a maximum affordable property price of $412,166;
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Gwinnett County with a median home price of $380,983 is above the affordability amount for three of the generations, with Gen Zers and Millennials having the lowest purchasing power ($211,974 and $338,325). Baby Boomers come close to affording the local median home price with $349,863, while Gen Xers, with $481,406, can afford the median home here as well;
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When it comes to space, it’s only the Gen Xers who can afford over 3,000 square feet, especially in Cobb and Gwinnett counties, while buyers from the other generations couldn’t afford more than 2,500 square feet.
Check out the full data set used for the 100 largest U.S. counties and all four generations (accompanied by detailed data tables for you to use if needed): https://www.point2homes.com/
